City Developments has stepped up its share buybacks, spending nearly $13 million over the past week.
On March 12, the property giant paid $5.98 each for 948,000 shares.
This follows a buyback of 304,400 shares for $5.84 on March 11.
The current round of share buybacks, following a 5-year hiatus, commenced on March 8 when it paid $5.75 each for 954,000 shares.
In a news release then, CDL said its shares are currently trading significantly below their intrinsic value despite the company’s “strong fundamentals”.
As at Dec 31 2023, CDL's NAV per share was $10.12 and its revalued NAV was $19.461 per share.
See also: China Yuchai approves US$40 mil share buyback plan
CDL shares closed at $5.98 on March 12, up 0.17%, and more than 7% off its recent low of $5.57 on March 5.
